By Gabriel Circiog, Associate Editor Opus Development Corp. recently announced plans to begin development and construction of a new boutique luxury residential apartment complex in downtown Minneapolis. The project, dubbed VÉLO, French for “bicycle,” will be owned by Twin Cities-based real estate investment company Sentinel Management Co. Located at 103 N. Second St. In the [...]

Opus Development Corp. recently announced plans to begin development and construction of a new boutique luxury residential apartment complex in downtown Minneapolis. The project, dubbed VÉLO, French for “bicycle,” will be owned by Twin Cities-based real estate investment company Sentinel Management Co.

Located at 103 N. Second St. In the North Loop neighborhood, VÉLO will feature 101 luxury units and 12,000 square feet of retail space on the first level. The residential complex is closely located near Minneapolis’ well-known bike path system and offers access to various amenities including an outdoor plaza, club lounge, yoga studio, fitness centers and rooftop terrace, complete with resident garden boxes.

“We’re excited to offer a unique living experience for those seeking a luxury and lifestyle-rich rental option in the thriving North Loop neighborhood,” said Tom Lund, vice president of real estate development for Opus. “VÉLO will be the ultimate hub for residents seeking a balanced lifestyle in the heart of America’s premier bike city.”

The project is scheduled to break ground in April 2013 and is expected to be completed and ready for occupancy in spring 2014. Observed Luigi Bernardi, president of Sentinel Management Co. and Aurora Investments L.L.C.: “We are looking forward to working with Opus on developing this unique and exciting property in the heart of Minneapolis.”

The developer of the project is Opus Development Corp., while Opus Design-Build L.L.C. will construct the building. Opus AE Group Inc. and Elness Swenson Graham Architects Inc. will collaborate on the design.

As previously reported by Commercial Property Executive, Opus Development Corp. is also currently developing The Nic on Fifth, a 26-story luxury apartment building in downtown Minneapolis, slated for completion at the beginning of summer 2014.